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Zillow NOT using accurate comps our home coninuing decline weekly on Zillow, but homes 200K sold mor

Homes (directly across the street just sold for well over 200K more than what Zillow has dropped our home value, over 100K decline past few months on Zillow and homes in our "section" are selling well over 200K more than Zillow is showing our house, and over 150K under what we have in our home. This is inaccurate information based upon sold homes comparable to ours, not the townhomes, smaller homes they are pulling up as comps, not the square footage, property view (no homes behind ours, wooded lot view, River view from bluffs front view) How do we correct? 
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March 19 2010 - Eden Prairie
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Automatic valuations models like the Zestimate, use raw data to try to give an estimate of the value of a property.  Unlike a real estate professional they can not take condition, sale type, location or mistakes in data entry into consideration when estimating a value.  A REALTOR can look more deeply into these issues when helping to arrive at an asking price.  One example might be the location of a comparable property.  We all know that sometimes a propety just a few blocks away that is locaed next to an industiral area or a freeway might have less value than your property.  For a better feeling of what values are doing view a local REALTORS web site for recently sold comparable properties.  When it is time to sell have a professiona; REALTOR help you analyze your properties value by taking everything into consideration.
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November 15 2010
Have someone come over and do a real market analysis on your home.  Until you get ready to sell, it does not matter that Zillow and everyone else are completly wrong.  Make sure you hire one of the best agents in Eden Prairie to sell your home when you decide to sell.  People do not question my values very often since I have so much history in the city.  If you use one of the 3-4 top agents that do not have a history of over-pricing homes in Eden Prairie, then you will do fine.  Do your homework when you get ready to sell and get several good agents to come over and talk to you.
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June 25 2010
Check the range Zillow gives for your house value, it corresponds to the accuracy of the Zestimate, the higher the range the more uncertainty in the value provided. You can provide your own estimate and submit it for consideration, I think there is a widget or link of some kind when you look at your property's detailed information.
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June 25 2010
Ok, let's look at this from a logical point of view.

Three homes in the neighborhood all built by the same builder, next to each other on the exact same lot and the same size.



Home One.  This home owner turns his home into a meth house, tears everything out of it and then sells it and moves on to his next "home".

Home Two.  Home owner keeps the home mostly standard, clean but does not increase or decrease the value of the home and sells it.

Home Three.  Home owner tear everything standard out of the home, upgrades everything and puts 500,000 dollars in upgrades into the home and then sells it.


Only a live person will be able to determine the value of these homes.  If you think a computer program with no live person input will tell you the value then you are in trouble.  Call a live person, we help determine these values for free.


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June 25 2010
My understanding is that the Zestimates are only approximately 20% accurate. It's not something to be taken seriously but more so, just a guess or starting point for the area. Only an appraisal or a CMA is going to give a closer indication to the present value.

As the saying goes in real estate, Sellers set the price, Buyers set the value and the neighborhood sets the standard.
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April 02 2010
Profile picture for hewittc
ZILLOW HAS A DATABASE BURP!

We noticed over the course of two months, our home ZEstimate drop by $20% or about $80,000.  When I logged in, I noticed that several of the previously entered upgrades had dropped trailing zeros.  For example, a $35,000 kitchen remodel showed up as $35. Another $4,000 bath remodel showed up as $4. The errors were random since a $30,000 deck to screened-in porch expansion still showed the $30,000 investment and $24,000 increase in value.  I've gone back in, deleted the bad entries, and reentered using the correct values.

It is not a case of 'buyer beware,' but rather, 'programmer be shamed.'
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March 19 2010
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I guess like everything else, if you are willing to pay the price for an overpriced home than so be it. I know of some art work that people would claim cost in the millions of dollars and to others they would not give you one red sent for it; best said "one mans garbage is an others man's gold". The best advice for you is to get an independent appraiser and have an appraisal done of your home that way you will know what your house is worth and you can best depend on that value. Zillow only goes by the stats of homes being sold in your community and compares it to yours give or take a few thousand or so. Than again there are people who have lived in their homes for years and have done no maintenance to their home and expects for their home to value the same as the guy who took great pride in maintaining his home with all the upgrades.

Buyer beware.
Carlos   
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March 19 2010
You can always Flag the property information and even, maybe, maybe, remove your property information from Zillow.

Flag it, note a reason.

Benito.
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March 19 2010
Hi there,

I am unsure if you will be able to correct this problem, but I did want to share some information about Zillow, their Zestimates, and their accuracy.  Here are several videos straight from Zillow, as well as links to local statistics for your county that will show how accurate they are claiming to be.  I think you will be surprised that Zillow does not claim to be very accurate, so I would not let it stress you out. 

If you want an accurate assessment of your home you can always call a REALTOR, they usually will complete a free market analysis of your home.

Hope this helped a little bit!
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March 19 2010
 
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Zillow NOT using accurate comps our home coninuing decline weekly on Zillow, but homes 200K sold mor
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